Quarterly report pursuant to Section 13 or 15(d)

Restatement of Previously Issued Financial Statements (Tables)

v3.21.4
Restatement of Previously Issued Financial Statements (Tables)
9 Months Ended
Sep. 30, 2021
Accounting Changes and Error Corrections [Abstract]  
Summary of Impact of Revision on Financial Statements
The impact of the restatement on the Company’s financial statements is reflected in the following table.
 
                                                                                   
Unaudited Balance Sheet as of March 31, 2021
  
As Previously
Reported
    
Adjustment
    
As Restated
 
Common stock subject to possible redemption
  
$
262,428,430
 
  
$
13,571,570
 
  
$
276,000,000
 
Common stock
  
 
826
 
  
 
(136
  
 
690
 
Additional
paid-in
capital
  
 
5,049,658
 
  
 
(5,049,658
  
 
—  
 
Accumulated deficit
  
 
(50,480
  
 
(8,521,776
  
 
(8,572,256
Total stockholders’ equity (deficit)
  
$
5,000,004
 
  
$
(13,571,570
  
$
(8,571,566
Number of shares subject to redemption
  
 
26,242,843
 
  
 
1,357,157
 
  
 
27,600,000
 
 
                                                                                   
Unaudited Statement of Operations for the three months
ended March 31, 2021
  
As Previously
Reported
    
Adjustment
    
As Restated
 
Basic and diluted weighted average shares outstanding, common stock subject to redemption
  
 
19,231,241
 
  
 
3,875,426
 
  
 
23,106,667
 
Basic and diluted net loss per share
  
$
—  
 
  
$
(0.00
  
$
(0.00
Basic and diluted weighted average shares outstanding, common stock
  
 
13,815,426
 
  
 
(6,915,426
  
 
6,900,000
 
Basic and diluted net loss per share
  
$
(0.00
  
$
—  
 
  
$
(0.00
                                                                                   
Unaudited Statement of Changes in Stockholders’ Equity
(Deficit) for the three months ended March 31, 2021
  
As Previously
Reported
    
Adjustment
    
As Restated
 
Sale of 27,600,000 Units, net of underwriting discount and offering expenses
  
$
267,453,914
 
  
$
(267,451,154
  
$
2,760
 
Change in common stock subject to possible redemption
  
 
(262,428,430
  
 
262,428,430
 
  
 
—  
 
Common stock subject to possible redemption
  
 
—  
 
  
 
(2,760
  
 
(2,760
Sale of 7,270,000 Private Placement Warrants through over-allotment
  
 
—  
 
  
 
7,270,000
 
  
 
7,270,000
 
Subsequent remeasurement under ASC
480-10-S99
  
$
—  
 
  
$
(15,816,086
  
$
(15,816,086
 
                                                                                   
Unaudited Statement of Cash Flows for the three months
ended March 31, 2021
  
As Previously
Reported
    
Adjustment
    
As Restated
 
Initial value of common stock subject to possible redemption
  
$
227,738,380
 
  
$
48,261,620
 
  
$
276,000,000
 
Change in value of common stock subject to possible redemption
  
$
34,690,050
 
  
$
(34,690,050
  
$
—  
 
 
                                                                                   
Unaudited Balance Sheet as of June 30, 2021
  
As Previously
Reported
    
Adjustment
    
As Restated
 
Common stock subject to possible redemption
  
$
262,308,840
 
  
$
13,691,160
 
  
$
276,000,000
 
Common stock
  
 
827
 
  
 
(137
  
 
690
 
Additional
paid-in
capital
  
 
5,169,247
 
  
 
(5,169,247
  
 
—  
 
Accumulated deficit
  
 
(170,069
  
 
(8,521,776
  
 
(8,691,845
Total stockholders’ equity (deficit)
  
$
5,000,005
 
  
$
(13,691,160
  
$
(8,691,155
Number of shares subject to redemption
  
 
26,230,884
 
  
 
1,369,116
 
  
 
27,600,000
 
 
                                                                             
Unaudited Statement of Operations for the three months
ended June 30, 2021
  
As Previously
Reported
    
Adjustment
    
As Restated
 
Basic and diluted weighted average shares outstanding, common stock subject to redemption
  
 
26,242,843
 
  
 
1,357,157
 
  
 
27,600,000
 
Basic and diluted net loss per share
  
$
—  
 
  
$
(0.00
  
$
(0.00
Basic and diluted weighted average shares outstanding, common stock
  
 
8,257,157
 
  
 
(1,357,157
  
 
6,900,000
 
Basic and diluted net loss per share
  
$
(0.01
  
$
0.01
 
  
$
(0.00
 
                                                                                   
Unaudited Statement of Operations for the six months
ended June 30, 2021
  
As Previously
Reported
    
Adjustment
    
As Restated
 
Basic and diluted weighted average shares outstanding, common stock subject to redemption
  
 
22,756,411
 
  
 
2,609,335
 
  
 
25,365,746
 
Basic and diluted net loss per share
  
$
—  
 
  
$
(0.01
  
$
(0.01
Basic and diluted weighted average shares outstanding, common stock
  
 
12,830,882
 
  
 
(5,930,882
  
 
6,900,000
 
Basic and diluted net loss per share
  
$
(0.01
  
$
—  
 
  
$
(0.01
                                                                                   
Unaudited Statement of Changes in Stockholders’ Equity
(Deficit) for the three months ended June 30, 2021
  
As Previously
Reported
    
Adjustment
    
As Restated
 
Change in common stock subject to possible redemption
  
 
119,590
 
  
 
(119,590
  
 
—  
 
 
                                                                                   
Unaudited Statement of Changes in Stockholders’ Equity
(Deficit) for the six months ended June 30, 2021
  
As Previously
Reported
    
Adjustment
    
As Restated
 
Sale of 27,600,000 Units, net of underwriting discount and offering expenses
  
$
267,453,914
 
  
$
(267,451,154
  
$
2,760
 
Change in common stock subject to possible redemption
  
 
(262,308,840
  
 
262,308,840
 
  
 
—  
 
Common stock subject to possible redemption
  
 
—  
 
  
 
(2,760
  
 
(2,760
Sale of 7,270,000 Private Placement Warrants through over-allotment
  
 
—  
 
  
 
7,270,000
 
  
 
7,270,000
 
Subsequent remeasurement under ASC
480-10-S99
  
$
—  
 
  
$
(15,816,086
  
$
(15,816,086
 
                                                                                   
Unaudited Statement of Cash Flows for the six months
ended June 30, 2021
  
As Previously
Reported
    
Adjustment
    
As Restated
 
Initial value of common stock subject to possible redemption
  
$
227,738,380
 
  
$
48,261,620
 
  
$
276,000,000
 
Change in value of common stock subject to possible redemption
  
$
34,570,460
 
  
$
(34,570,460
  
$
—